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"(The Fed hike) supports the BSP's stance to hike its policy rate by the same amount in its next policy meeting on Nov. 17," Bangko Sentral ng Pilipinas Governor Felipe Medalla said in a statement. "The BSP deems it necessary to maintain the interest rate differential prevailing before the most recent Fed rate hike, in line with its price stability mandate and the need to temper any impact on the country's exchange rate of the most recent Fed rate hike," he said. Ruling out an off-cycle policy move, Medalla said the hike would be effective after the Nov. 17 meeting. Economists welcomed the rate hike signal, viewing it as intended to reassure markets. Roces expects rate increases of 75 bps this month and 50 bps on Dec. 15, the last policy meeting this year.

☆ Philippine President Marcos inspects landslide-hit province, death toll at 110
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

MANILA, Nov 1 (Reuters) - Philippines President Ferdinand Marcos Jr on Tuesday conducted an aerial inspection over a southern province hit by landslides triggered by tropical storm Nalgae that killed 110 people. More than 100 people were injured and 33 were still missing as a result of widespread flooding and multiple landslides, the disaster agency said. Nalgae is headed for southern China after damaging $22 million worth of farm goods and $13 million worth of infrastructure, government data showed. It is the second-most destructive storm to hit the Philippines so far this year, after tropical storm Megi killed 214 people in April. "When we were doing aerial inspection, I noticed that landslides occurred in denuded mountains and that was the problem," said Marcos, who also visited an evacuation centre in Maguindanao province.

☆ Philippines' death toll from Tropical Storm Nalgae climbs to 72
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

[1/3] Flood waters surround a building following a heavy storm in Datu Odin Sinsuat, Maguindanao, Philippines October 28, 2022 in this still image obtained from a social media video. The tropical storm, which has maximum sustained winds of 95 kilometres (59 miles) per hour and gusts of up to 160 kph (99.4 mph), made landfall in the eastern Catanduanes province early on Saturday. On Friday, search and rescue teams pulled bodies from water and thick mud after Nalgae triggered flooding and landslides. "We are now gathering all rescue teams and will conduct a briefing before deployment," Nasrullah Imam, disaster agency official at Maguindanao province, said. An average of 20 tropical storms hit the Philippines annually.

☆ Elon Musk's SpaceX partners with Philippine tycoon on satellite service
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

MANILA, Oct 27 (Reuters) - Billionaire Elon Musk's Space Exploration Technologies Corp (SpaceX) is expanding into the Philippines by offering satellite broadband service to businesses and the government, his local partner said on Thursday. Data Lake Inc, a Philippine-based firm partly owned by tycoon Henry Sy Jr, said it signed a deal to be the first partner of SpaceX's Starlink in Southeast Asia. "The Philippines is an archipelago, and connecting our country to the wider world often requires extensive infrastructure," Data Lake Chairman Anthony Almeda said in a statement. The Philippines is made up of more than 7,600 islands, many of them isolated and with mountainous terrain, making broadband coverage difficult for companies. Around 20 tropical storms also typically hit the country every year, often damaging infrastructure and cutting communication links between islands and provinces.

☆ Dubai's BitOasis signs deal with Mastercard for crypto-linked cards
▼ + stars: | 2022-10-25 | by ( Neil Jerome Morales | ) www.reuters.com time to read: +2 min

DUBAI, Oct 25 (Reuters) - BitOasis, a Middle East-focused cryptocurrency exchange based in the United Arab Emirates, said on Tuesday it had signed an agreement with Mastercard (MA.N) to launch payment cards linked to cryptocurrencies, they said in a joint statement. "Currently, cryptocurrency payments and cash-outs are considered cumbersome, with the overwhelming majority of merchants not accepting such payments directly," the statement said. "The partnership will address these pain points and further drive customer awareness and crypto adoption in the region." BitOasis, founded in Dubai in 2015, said in June it laid off nine of its staff, as the crypto sector faced a steep downturn and market turmoil. Reporting by Yousef Saba; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Philippines c.bank's policy settings remain accommodative, says governor
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: 1 min

MANILA, Oct 12 (Reuters) - The Philippines central bank's monetary policy settings remain accommodative, its governor said on Wednesday. Bangko Sentral ng Pilipinas Governor Felipe Medalla also told a banking forum bringing inflation back to target remains the bank's "paramount" focus. Register now for FREE unlimited access to Reuters.com RegisterReporting by Neil Jerome Morales; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Residents who evacuated from their flooded homes sit on a roadside after Super Typhoon Noru, in San Ildefonso, Bulacan province, Philippines, September 26, 2022. REUTERS/Eloisa LopezHANOI, Sept 27 (Reuters) - Vietnam urged more people on Tuesday to evacuate as an intensifying Typhoon Noru barrelled towards the southeast Asian nation, after causing at least eight deaths and widespread flooding in the Philippines. The typhoon forced airports in Vietnam to close, causing travel disruption, while thousands were forced to evacuate their homes, according to official statements. Typhoon Noru, the strongest storm to hit the Philippines this year, also damaged 1.53 billion pesos ($26 million) worth of crops, government data showed. read more"There are still areas with floods," Daniel Fernando, governor of Bulacan province north of the capital, told DZRH.

☆ IMF cuts 2022, 2023 growth forecast for Philippines
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterMANILA, Sept 26 (Reuters) - The International Monetary Fund (IMF) on Monday slashed its growth forecasts for the Philippines for this year and next to reflect the impact of a global economic slowdown and tightening financial conditions. The IMF said economic growth in the Southeast Asian country this year would hit 6.5%, weaker than its previous forecast of 6.7%, while growth next year is seen at 5.0%, also slower than its earlier estimate of 6.3%. The growth outlook is subject to "significant downside risks," Cheng Hoon Lim, IMF mission head, said in a news conference. She also said the Philippine central bank's "continued near-term tightening was appropriate." Register now for FREE unlimited access to Reuters.com RegisterReporting by Neil Jerome Morales; Editing by Kanupriya Kapoor and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Philippines' Marcos orders aid for typhoon-struck areas, five reported dead
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

BULACAN, Philippines, Sept 26 (Reuters) - Philippine authorities rushed on Monday to distribute aid to thousands of evacuees after typhoon Noru made landfall in the capital and northern provinces, leaving at least five dead and many areas flooded. President Ferdinand Marcos ordered supplies be airlifted and clean-up equipment be provided to most-affected communities. "Many homes were destroyed but all roads are passable and there were no landslides," Quezon province Governor Helen Tan told DZRH radio station. The Philippines, an archipelago of more than 7,600 islands, sees an average of 20 tropical storms yearly. In 2013, Typhoon Haiyan, one of the most powerful tropical cyclones ever recorded, killed 6,300 people.

☆ Philippines to shut 175 offshore gambling firms, deport 40,000 Chinese workers
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

MANILA, Sept 26 (Reuters) - The Philippines will stop operations of 175 offshore gambling firms and deport about 40,000 Chinese workers, a justice ministry official said on Monday, part of a crackdown on the notoriously opaque online gaming industry. At their peak, Philippine offshore gambling operators, or POGOs, employed more than 300,000 Chinese workers, but the pandemic and higher taxes have forced many to operate elsewhere. The POGOs targeted for closure had licenses that either expired or were revoked, for violations like non-payment of government fees, Clavano said, adding the deportation of the Chinese workers would start next month. The government generated 7.2 billion pesos ($122.21 million) in 2020 and 3.9 billion last year in POGO fees alone, according to the finance ministry. The sector employs 201,000 Chinese and 111,000 Filipinos, according to Leechiu's data, which estimates POGOs deliver 190 billion pesos ($3.22 billion) to the economy each year, a boon to the property and retail sectors.

☆ Philippines evacuates coasts, cancels sea trips as supertyphoon nears
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +2 min

It will continue intensifying and may make landfall on Sunday afternoon or evening with 185 to 205 kph (115 to 127 mph) of sustained winds, it said. Register now for FREE unlimited access to Reuters.com Register"I asked our mayors to comply with strict preemptive evacuations," Helen Tan, governor of Quezon province, told DZRH radio station. Noru was moving westward and likely to emerge over the South China Sea by late Sunday or early Monday. The Philippines, an archipelago of more than 7,600 islands, sees an average of 20 tropical storms a year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Neil Jerome Morales; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Japan intervened in forex market to stem weak yen - top currency diplomat Kanda
▼ + stars: | 2022-09-22 | by ( Neil Jerome Morales | Enrico Dela Cruz | ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterCoins and banknotes of Japanese yen are seen in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/File PhotoTOKYO, Sept 22 (Reuters) - The Japanese government has intervened in the foreign exchange market to sell dollars for yen to stem the Japanese currency's recent sharp falls, top currency diplomat Masato Kanda said on Thursday. "We have taken decisive action (in the exchange market)," he told reporters, responding in the affirmative when asked if that meant intervention. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tetsushi Kajimoto Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ 'Never forget': Filipino activists mark 50th anniversary of martial law declaration
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Candles are lit as part of an art installation during an event commemorating the 50th anniversary of martial law declaration by late dictator Ferdinand Marcos, father of the current president, at the University of the Philippines in Quezon City, Philippines, September 21, 2022. REUTERS/Eloisa LopezRegister now for FREE unlimited access to Reuters.com RegisterMANILA, Sept 21 (Reuters) - Hundreds of Filipino activists on Wednesday took to the streets to mark the 50th anniversary of the late strongman Ferdinand Marcos Sr's declaration of martial law. Activists chanted "never forget" and held banners condemning the crimes allegedly committed by the regime during martial law including extra-judicial killings, human rights abuses and forced disappearances. His son and namesake, current President Ferdinand Marcos Jr has defended the decision to impose martial law at that time, claiming it was done to protect the country from communist rebels and insurgents. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jay Ereno; Writing by Neil Jerome Morales; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

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